[ArrichMer]

Dear Leader and Joe "Bite Me" Biden promised that they would tour the country this summer to celebrate the economic recovery and talk about how great Dear Leader's anti-Capitalism, anti-Small Business, anti-Free Enterprise, anti-Prosperity policies are working. They call it their "Summer of Recovery" tour.

Post your wonderful economic news stories here:

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Everything is always worse than the economic experts think. Do they ever get anything right?

Recession was deeper than gov't previously thought

Recession inflicted more damage on economy than previously thought, government data show

http://finance.yahoo.com/news/Recess....html?x=0&.v=3

[Stasher11]

Bush's fault even though the President when he was a Senator was against regulating Fannie and Freddie that Bush supported.

[SkHukV3N]

http://online.wsj.com/article/SB1000...ctions_opinion

The 2.4% Recovery

Mediocre growth, but, hey, the savings rate is up!

Americans say they are underwhelmed by the economic recovery, and yesterday's report of 2.4% growth in the second quarter met their expectations. A recovery that should be accelerating after the long and deep recession has instead downshifted into slower growth.

About the best that can be said is that the report showed no signs of a looming "double dip" recession. Domestic demand was strong enough to suck in a burst of imports, which rebuts the Keynesians who are predicting another depression. Investment and business spending were strong, thanks to inventory rebuilding and some comeback in housing and commercial real estate. Disposable income also grew at a 4.4% annual rate, with less than half of it coming from government transfer payments.

Savings by households also increased again, to above 6%, which is back to the range of the early 1990s and is a healthy sign. The great deleveraging that began with business last year is now continuing with consumers. While some economists fret that this is bad for consumer "demand," savings don't vanish from the economy. They are recycled into lending and investment that can drive future growth if businesses see the right opportunities and have enough confidence.

The irony is that businesses and consumers have been fixing their balance sheets even as the government has been doing the opposite. States and localities have deficits of nearly $100 billion, while the federal hole will be close to $1.4 trillion for the second year in a row.

[DongoSab]

http://www.nytimes.com/2010/07/31/bu...n.html?_r=2&hp

With Recovery Slowing, the Jobs Outlook Dims

By CATHERINE RAMPELL
Published: July 30, 2010

There is no more disputing it: the economic recovery in the United States has indeed slowed.

The nation’s economy has been growing for a year, with few new jobs to show for it. Now, with the government reporting a growth rate of just 2.4 percent in the second quarter and federal stimulus measures fading, the jobs outlook appears even more discouraging.

“Given how weak the labor market is, how long we’ve been without real growth, the rest of this year is probably still going to feel like a recession,” said Prajakta Bhide, a research analyst for the United States economy at Roubini Global Economics. “It’s still positive growth — rather than contraction — but it’s going to be very, very protracted.”

A Commerce Department report on Friday showed that economic growth slipped sharply in the latest quarter from a much brisker pace earlier, an annual rate of 5 percent at the end of 2009 and 3.7 percent in the first quarter of 2010. Consumer spending, however, was weaker than initially indicated earlier in the recovery.

Many economists are forecasting a further slowdown in the second half of the year, perhaps to an annual rate as low as 1.5 percent. That is largely because businesses have refilled the stockroom shelves that were whittled down during the financial crisis, and there will not be much need for additional orders.

[ApporpSothe]

I'll take a slow recovery over an exploding deficit and a return to 2008, which is exactly what would happen if the Republicans followed the same plan that got us here in the first place.

[Z1IRo4Ap]

Summer of recovery rolls on...

With results like this, we'll be "recovered" by 2012. Obama is having a blast destroying 234 years of freedom and prosperity.

Homes lost to foreclosure up 6 pct from last year

http://apnews.myway.com/article/20100812/D9HHQE2O0.html

[ManituIKOL]

http://www.cnbc.com/id/38674003

Youth Unemployment Hits Record High

Published: Thursday, 12 Aug 2010 | 9:20 AM ET Text Size By: Patrick Allen
CNBC Senior News Editor

Global youth unemployment has hit a record high following the financial crisis and is likely to get worse later this year, the International Labor Organization (ILO) said Thursday.

The report from the ILO says 81 million out of 630 million 15-24 year olds where unemployed at the end of 2009, some 7.8 million more than at the end of 2007.

Thursday marks the first day of the UN International Youth Year; the ILO warned these trends will have "significant consequences for young people as upcoming cohorts of new entrants join the ranks of the already unemployed."

The world risks a crisis legacy of a "lost generation" of young people who dropped out of the job market, the organization added in its report.

The report also points out that the unemployment rates of youth have proven to be more sensitive to the crisis than the rates of adults and that the recovery of the job market for young men and women is likely to lag behind that of adults.

It indicates that in developed and some emerging economies, the crisis impact on youth is felt mainly in terms of rising unemployment and the social hazards associated with discouragement and prolonged inactivity.

"In developing countries, crisis pervades the daily life of the poor" said ILO Director-General Juan Somavia.

[Krruqgwt]

Things are really looking up. Wait 'till all those new taxes kick in next year, then you'll really see things take off.

*Sarcasm*

Jobs picture dims as unemployment claims rise

Jobs picture darkens as new unemployment claims rise to 484K, highest level since February

http://finance.yahoo.com/news/Jobs-p...51258.html?x=0

[seosoftseo]

I missed the part of Obama saying it would be a fast recovery, or that we'd be celebrating this summer. Oh, wait. He didn't say that.